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Official cheques and bank drafts

In some circumstances, you may be requested to provide a secure and guaranteed payment. The beneficiary insures that your payment is covered by a recognized financial institution like the Laurentian Bank. A number of products are offered and it’s important to know the difference.

HOW TO RECOGNIZE THEM

Official cheque: The official cheque is guaranteed by the bank against theft, loss or destruction. This type of cheque is different because it will be automatically and fully reimbursed within a 30 to 90-day period. If the amount is over $1,000, fees will be higher than those of the certified cheque.

Bank draft: A bank draft is the ideal guaranteed payment vehicle for all your foreign currency transactions. It’s guaranteed against theft, loss or destruction and will be replaced or totally reimbursed within a period that varies according to the currency. If you are an immigrant or an emigrant or if you make purchases outside of the country, you could require this payment vehicle.

CHARACTERISTICS
Official cheque
  • Fee of $10.001
  • No fees for Gold Service
Bank draft
  • Fee of $8.501
  • Fees in foreign currency
  • No fees for Gold Service
  • In case of theft, loss or destruction, it will be replaced or reimbursed totally with the following delays:
    • US bank draft: 3 days;
    • Other than US currencies: 4 to 30 days.
  • Accepted almost everywhere


Summary

This service is suited for you if:

  • You are seeking secure and safe payment options for yourself as well as your beneficiary.


1. Fee schedule in force as of March 1, 2021. For further information about this service and banking fees, please refer to the My Money fee schedule guide.

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